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Intangible Assests and Market Value: Evidence from Biotechnology Firms

  • Lionel Nesta

    ()

    (SPRU, University of Sussex)

  • Pier-Paolo Saviotti

    (Institut National de la Recherche Agronomique, University Pierre Mend├Ęs)

We examine the relationship between the characteristics of the firms' knowledge base in terms of knowledge capital and knowledge integration and the stock market value of 99 firms active in biotechnology during the nineties. Panel data regression models show that our measure of knowledge integration better explains the variance of a firm's market value than the more conventional variable of knowledge capital. This econometric relationship becomes stronger as the technology cycle reaches more mature phases. Meanwhile, profitable and research-intensive firms reach higher levels of market value.

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File URL: http://www.sussex.ac.uk/Units/spru/publications/imprint/sewps/sewp87/sewp87.pdf
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Paper provided by SPRU - Science and Technology Policy Research, University of Sussex in its series SPRU Working Paper Series with number 87.

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Length: 28 pages
Date of creation: 01 Jun 2003
Date of revision:
Handle: RePEc:sru:ssewps:87
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  1. Robert E. Hall, 1999. "The Stock Market and Capital Accumulation," NBER Working Papers 7180, National Bureau of Economic Research, Inc.
  2. Cockburn, Iain & Griliches, Zvi, 1988. "Industry Effects and Appropriability Measures in the Stock Market's Valuation of R&D and Patents," American Economic Review, American Economic Association, vol. 78(2), pages 419-23, May.
  3. Bronwyn H. Hall & Adam Jaffe & Manuel Trajtenberg, 2002. "Market Value and Patent Citations: A First Look," Development and Comp Systems 0201001, EconWPA.
  4. Breschi, Stefano & Lissoni, Francesco & Malerba, Franco, 2003. "Knowledge-relatedness in firm technological diversification," Research Policy, Elsevier, vol. 32(1), pages 69-87, January.
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  6. Adam B. Jaffe, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value," NBER Working Papers 1815, National Bureau of Economic Research, Inc.
  7. Teece, David J. & Rumelt, Richard & Dosi, Giovanni & Winter, Sidney, 1994. "Understanding corporate coherence : Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 23(1), pages 1-30, January.
  8. Lionel Nesta & Pier Paolo Saviotti, 2005. "COHERENCE OF THE KNOWLEDGE BASE AND THE FIRM'S INNOVATIVE PERFORMANCE: EVIDENCE FROM THE U.S. PHARMACEUTICAL INDUSTRY -super-* ," Journal of Industrial Economics, Wiley Blackwell, vol. 53(1), pages 123-142, 03.
  9. Pakes, Ariel, 1985. "On Patents, R & D, and the Stock Market Rate of Return," Scholarly Articles 3436409, Harvard University Department of Economics.
  10. Scott, John T & Pascoe, George, 1987. "Purposive Diversification of R and D in Manufacturing," Journal of Industrial Economics, Wiley Blackwell, vol. 36(2), pages 193-205, December.
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  12. repec:cup:cbooks:9780521022583 is not listed on IDEAS
  13. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
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